Press Releases - Financial Services Commission

Press Releases

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Dec 20, 2021

Financial Development Review Committee Holds Meeting to Discuss 2022 Policy Agenda

The Financial Development Review Committee held a meeting on December 17 to discuss key policy initiatives for 2022 and review current trends and risks in the financial markets. In a keynote address, FSC Chairman Koh Seungbeom said that the governments financial policy for 2022 will be centered on ensuring stability in the financial system, promoting financial development, supporting an overall economic growth and expanding financial inclusion. The following is a summary of Chairman Kohs remarks. Chairmans Remarks Despite overall expectations for a sustained recovery momentum into the next year, there still exist uncertainties regarding domestic economic and financial market conditions. With the global tapering move, market instability may grow. As such, the FSC plans to preemptively tackle financial imbalances to maintain stability in the financial system. To this end, the FSC will work on a steady implementation of the household debt management measures and an orderly exit and normalization from the pandemic-era policy measures while closely examining and managing the vulnerable and the so-called shadow banking sector. In terms of promoting financial development, the FSC will maintain a well-balanced approach between promoting innovation and competition between traditional financial institutions and new players such as big tech and fintech companies and working on consumer protection. In the midst of important structural changes taking place in the economy and industries to achieve carbon net zero goals and make digital transformations, the financial sector should provide active support for businesses attempting to reorganize, searching for new growth areas and making transitions to lower carbon growth models. As the current economic condition demands an ever stronger measure for financial inclusion, the FSC will work to ensure a steady access to financial support for vulnerable groups including credit recovery while seeking improvements to consumer safeguards. Du
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Dec 20, 2021

ESG Information Platform Opens

The FSC and the Korea Exchange launched an integrated environmental, social and governance (ESG) information platform on December 20, providing a convenient one-stop information service on ESG-related information of listed companies for investors and the general public. The ESG information platform provides (a) background information on the significance of ESG management, key regulatory trends and related issues, (b) information about the listed companies ESG activities, ratings and their sustainability reports, (c) statistical information on ESG investment trends and (d) other educational materials. As the ESG information platform offers a convenient one-stop information service for a variety of ESG-related data originating from different sources, companies and institutions, users will be able to access and utilize data tailored to their individual needs. The authorities expect that the ESG information platform will function as an important information hub for ESG-related data and help raise overall awareness on the importance of the ESG movement. The FSC and the KRX will continue to work on making improvements to the platform to help enhance user convenience and expand the types of ESG data made available through the platform. * Please refer to the attached PDF for details.
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Dec 15, 2021

Financial Authorities Offer Online Courses on Supervision of Non-holding Financial Groups

The FSC and the FSS announced the offering of two-day online education courses for the employees of six non-holding financial groups from December 16 to 17. The online live streaming education program was prepared to ensure that the employees of relevant financial institutions have a clear understanding about the rules and requirements under the new law on the supervision of non-holding financial groups which went into effect from June 30 this year.In particular, the online courses will offer them a chance to thoroughly prepare for some of the compliance duties that will take effect from January 2022, including capital adequacy assessment, internal control, risk management, and reporting and disclosure. The program will be offered in two-day sessions on December 16-17 for about 138 employees from 46 financial companies affiliated with the six major non-holding financial groups. The authorities expect that the program will help improve their understanding about specific compliance duties under the new law and enhance their capabilities for risk management. * Please refer to the attached PDF for details.
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Dec 15, 2021

FSC Chairman Discusses Importance of Innovation and Advancement of Financial Services Platforms

FSC Chairman Koh Seungbeom met with officials from platform service providers, financial companies and other relevant institutions on December 15 and held talks on ways to promote digital innovation through an advancement of financial services platform. In his keynote address, Chairman Koh said that the government will draw up strategies to promote digital innovation in the five key areas, such as big data, new technology, platform service, digital security and digital asset. The following is a summary of Chairman Kohs keynote address. Chairmans Remarks (Personalized Financial Services Platform) Recent trends in the financial industry have shown a growing tendency toward the provision of more platform-based financial services. Different types of financial services ranging from payment to advisory to asset management services are linked together in a platform to provide more comprehensive and personalized services in digital environments. The entrance of e-commerce businesses into the financial industry and the merging of traditional financial services with non-financial services through a single app are also significant trends. Against this backdrop, there exist concerns about platform service regulation, consumer protection and data monopoly. Platform-based financial services should also be provided with stability in the financial system, consumer protection and fair competition in mind. Based on these principles, the government will seek measures to promote digital transformation in the financial industry in the following areasbig data, new technology, platform service, digital security and digital asset. (Overview of Digital Innovation Strategies) First, the government will help build the infrastructure necessary for promoting innovation through big data. While working on a seamless operation and gradual expansion of MyData services, the authorities will seek ways to improve SMEs and small merchants access to financial services using big data analytics. Second, t
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Dec 14, 2021

Government Approves Postponement of Consolidated Internal Accounting Control System

The government approved a revision to the Enforcement Decree of the Act on External Audit of Stock Companies during a cabinet meeting held on December 14, postponing the requirement of consolidated internal accounting control system for one year until 2023. The establishment, operation and external audit of consolidated internal accounting management system for listed companies that have KRW2 trillion or more in assets was originally set to take effect from 2022. However, the COVID-19 pandemic situation over the past two years posed challenges for businesses in setting up their consolidated internal accounting management system. Thus, the FSC proposed one year postponement of the requirement in July this yearthrough a revision to the Enforcement Decree of the Act on External Audit of Stock Companies and the government decided to approve the changed implementation schedule as shown in the table below. Listed companies wishing for an early implementation may do so from the initial start date. The authorities expect that the postponement of the consolidated internal accounting management system will help reduce burdens on companies and allow them set up more effective systems. * Please refer to the attached PDF for details.
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Dec 09, 2021

Operation of Key Industry Stabilization Fund to be Extended until December 2022

The FSC announced that financial support for key industries in the amount of KRW10 trillion through the key industry stabilization fund launched in May 2020will be available for one more year until the end of December 2022. Amid a protracted pandemic situation, the oversight committee of the key industry stabilization fund decided to extend the period of operation for one more year beyond its initially scheduled termination date of the end of December 2021. Along the same line, the operating period of the working capital support program for the suppliers and subcontractors in key industries,which is financed by the key industry stabilization fund, will also be extended for six more months until the end of June 2022. Since its launch in May 2020, the key industry stabilization fund has extended KRW798.2 billion in financial support to Asiana Airlines (KRW300 bil.), Jeju Air (KRW182.1 bil.) and about 119 suppliers and subcontractors in key industries (KRW316.1 bil.). The businesses receiving support from the key industry stabilization fund are obligated to retain at least 90 percent of workforce, show efforts to improve business management and avoid issues of potential moral hazard, such as executive pay and share buyback. * Please refer to the attached PDF for details.
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Dec 09, 2021

FSC Chairman Holds Talks with Fintech Industry and Pledges Support for Financial Innovation

FSC Chairman Koh Seungbeom met with officials from the fintech industry and held talks on ways to further promote the growth of fintechs and financial innovation. Chairman Koh talked about the need for regulatory improvements aimed at facilitating financial companies investment in fintechs, providing incentives to enable more collaboration between financial companies and fintechs and providing more opportunities to launch financial services (including MyData service) via online and contactless channels. Chairmans Remarks (Fintech Innovation Overview) In the midst of the fourth industrial revolution driven by big data, artificial intelligence and platform-based services, fintech innovation has led major changes in the financial sector and how financial services are being delivered. First, there is the recent re-bundling phenomenon observed in the fintech industry. The unbundling of various financial services into different units was a major trend in the early era of fintech development. However, more recently, re-bundling of various services using a single platform is being observed. Second, there is more cooperation and collaboration between traditional financial institutions and fintechs. Financial institutions seeking digital innovation and fintechs in need of strategic partnership have created increased synergies between them. Third, the growth of fintechs led to the growth of platform-based financial services, which may have contributed to the increased level of consumer convenience but also raise concerns about consumer safeguards and monopolistic behaviors. (Fintech Innovation Strategy) Against this backdrop, the authorities plan to work on the following areas to support financial innovation. First, the authorities will help build regulatory foundations to facilitate innovation rooted in a safe and stable financial environment. To this end, the authorities will seek regulatory improvements to further promote digital innovation while ensuring consumer safeguard
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Dec 08, 2021

Household Loans, November 2021

The outstanding balance of loans to households in all financial sectors increased KRW5.9 trillion at the end of November 2021 (up 7.7% y-o-y).The balance of household loans rose KRW2.9 trillion each in the banking and non-banking sectors, showing an overall decline from the previous month. All financial sectors (y-o-y): +10.0% (Jul) +9.5% (Aug) +9.2% (Sep) +8.6% (Oct) +7.7% (Nov) By type, mortgage loans went up KRW3.9 trillion in November, growing at a slower rate compared with the previous month (up KRW5.2 trillion) due to a continuous fall in housing transactions. Other types of loans including credit loans grew at a faster rate (up KRW2.0 trillion) compared with the previous month (up KRW0.9 trillion) due to an increased demand for IPO subscriptions in the last week of November. The growth of household loan balance has been steadily declining with the rise in credit loans also at a stable level. The financial authorities will continue to work on effective implementation of the household debt management measures introduced in October. * Please refer to the attached PDF for details.
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Dec 08, 2021

4th Green Finance Taskforce Meeting Reviews Progress and Discusses Additional Tasks

The FSC held the 4th green finance taskforce meeting with the relevant ministries and financial institutions in a virtual format on December 8 to review the progress made in the financial sector and discuss further tasks. Chaired by FSC Secretary General Lee Se-Hoon, participants went over the implementation of the climate risk management and supervision and key details of the green finance handbook for financial sectors in order to prepare for the recently revised up nationally determined contribution (NDC) target. The meeting also discussed the current environmental, social and governance (ESG) disclosure and assessment system and ways to promote social finance in line with the growth in ESG management and investment. Key Discussion Topics I. Climate Risk Management and Supervision The Financial Supervisory Service has introduced a guideline on the management of climate risks in the financial sector, detailing areas such as business environment and strategy, governance structure, risk management and disclosure. The FSS launched a climate risk forum in May 2021 to provide an appropriate venue for facilitating coordination among the relevant government agencies and financial institutions. The FSS has also worked to raise awareness on climate risks via international conference and plans to hold seminars and symposiums in the future. The authorities will work to promote utilization of the climate risk management guideline in the financial sector and share best practice cases with financial institutions in the private sector. In close cooperation with financial companies, the authorities plan to develop a climate economys scenario in the first half of 2022 and conduct a pilot stress test in the financial sector during the second half of 2022. II. Green Finance Handbook for Financial Sectors The five major trade groups in the financial industry have prepared a green finance handbook, providing best practice cases and reference information on financial institutions green
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Dec 07, 2021

Revised Enforcement Decree of FSCMA and Subordinate Rules to Take Effect from December 9

The government approved the revisions to the Enforcement Decree of the Financial Investment Services and Capital Markets Act and its subordinate rules at a cabinet meeting held on December 7. The revisions prescribe specific details mandated by the revised FSCMA and provide legal basis for enforcement. The revisions will take effect from December 9, 2021. Key Details a) When an already listed securities firm wishes to add a business unit that is considered to be in an equivalent business area, the authorization process will be simplified and streamlined by requiring the company to register the additional unit instead of having to go through an approval process by submitting a business plan and qualifications of large shareholders. b) When a Korean branch of a foreign-based securities firm wishes to change its organizational status from a branch office to a subsidiaryor vice versathe approval process will be simplified by granting an exemption from an assessment of its business plan, requirements for human resources and electronic and other physical facilities and qualifications of large shareholders. c) When a securities firm becomes insolvent, investor deposits will be paid back to its customers by a deposit holding institution instead of the insolvent securities firm in order to guarantee a speedy and safe refund process. d) The severity of the fine for violating the large shareholding reporting rule (the 5% rule)will be increased to more effectively induce compliance. e) Companies quarterly disclosure burdens will be eased by requiring them to list only key material information in their quarterly reports while other types of information can be updated only when changes have occurred. f) When licensing procedure of a financial investment business has been suspended due to a criminal investigation of its owner or large shareholder, the authorities will review the viability of resuming the licensing process every six months or when considered appropriate even before
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Dec 07, 2021

Support for Vulnerable Debtors Available for Six More Months until June 2022

The FSC along with all financial sectors and relevant institutions agreed to extend the period of support available for vulnerable debtors who have been hit by the COVID-19 for six more months until June 30, 2022. These support measures for individual (non-corporate) debtors were first introduced on April 29, 2020 to help vulnerable debtors whose income levels fell due to the COVID-19 pandemic. The period of their availability has been extended twice thereafter to continue to provide support until the end of this year. As unemployment and job losses continue to weigh down these debtors amid a protracted pandemic situation, the authorities decided to extend the period of these supports for six more months until June 30, 2022. As such, pre-workout programs offered by individual lending institutions and the individual debt purchase program administered by the Korea Asset Management Corporation (KAMCO) will be available for six more months. Individual debt adjustment programs offered by the Credit Counseling Recovery Service (CCRS) is available on a regular basis. The FSC will work to provide a sufficient level of assistance to vulnerable sectors while preparing for an orderly exit from the pandemic-era policy. * Please refer to the attached PDF for details.
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Dec 06, 2021

FSC Chairman Discusses Key Policy Tasks for 2022 in Virtual Press Briefing

FSC Chairman Koh Seungbeom held an end-of-year press briefing in a virtual format on December 3 to discuss policy outcomes for this year and explain key policy tasks for 2022. At the beginning of his keynote address, Chairman Koh touched upon some of the important policy initiatives and their outcomes for 2021, including policies on household debt management, COVID-19 financial support for small merchants and SMEs, virtual asset service providers, digital transformation in the financial sector and financial consumer protection. Chairman Koh then discussed key policy tasks for 2022 as summarized below. Chairmans Remarks on 2022 Policy Focus The global economy is expected to maintain its recovery momentum in 2022 but market uncertainties are growing due to asset price volatility, rising prices and persistent concerns about inflation. Domestic situations are also concerning. Financial imbalances and potential risks need to be managed while the provision of pandemic-related supports should be maintained. Excessive debt levels should be reduced while assistance for the lower income and vulnerable groups should continue to be available. Ensuring stability in the financial system and pursuing inclusive financial policies may be contradictory in nature but seeking a proper balance between the two is the task of the financial authority. In this regard, the FSC will focus on the following three policy areas. First, the authorities will continue to work on tackling financial imbalances. Unlike some of the other major economies where debt levels have increased much more in the public sector, Korea has seen debt levels grow much faster in the household and corporate sectors. The household debt management plan for 2022 will be focused on managing the total amount of debt extended with a longer term plan for gradually introducing a more systematic management plan. With the application of the individual borrower-level debt service ratios (DSRs), stable management of household debt
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Nov 30, 2021

API-based Financial MyData Service to be Piloted from December

The FSC announced that financial MyData service will be pilot launched from 16:00 (Korean Standard Time) on December 1, 2021 as the 17 service providers including banks, financial investment businesses, card companies, a mutual finance company and fintechsthat have successfully completed a closed beta testing will begin to offer MyData services prior to the full launch on January 1, 2022. The financial authorities have been working closely with the financial sector and fintechs to improve the way consumers manage and access their personal financial data in a more convenient and safe way while guaranteeing the right to data privacy through MyData services. The efforts made by the authorities have thus far led to (a) an expanded scope of the types of data made available for MyData services, (b) a simplified personal authentication identity verification process, (c) the provision of stronger consumer safeguards and (d) the creation of an environment to promote fair competition between service providers. From December 1, 2021, the API-based financial MyData service will be piloted from 17 financial institutions and fintechs at first with some 20 other service providers including big techs and fintechs joining by the end of this year and 16 other MyData service providers including insurance companies and a credit bureau expected to join in the first half of 2022. The ten other prospective service providers that have gained a preliminary approval are expected to join in the second half of 2022 after their final licensing procedure. The financial authorities along with the MyData service providers and relevant institutions will closely monitor issues that need to be improved upon during the pilot period and ensure a seamless preparation for the full launch on January 1, 2022. Any update on the list of service providers and further information can be found at www.mydatacenter.or.kr. * Please refer to the attached PDF for details.
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Nov 29, 2021

FSC and BOK Launch Mobile App Providing Detailed Information on Bank Branches and ATM Locations

The FSC and the Bank of Korea announced that a new mobile application (www.accountinfo.or.kr) providing detailed information about bank branches and ATM locations will go into service from November 29. The new mobile application integrates data and provides regularly updated branch information about banks, deposit taking nonbanks, such as Korea Post, savings banks and mutual finance companies, as well as securities firms. The information provided include operating hours, contact information, list of services available at a branch, service fees, language services offered and the availability of assistance for persons with disabilities. The mobile application also offers an ATM locator service which will help consumers find an ATM near them anywhere in the country and find out about the list of services available at a particular ATM and information on fees. With an automatic daily update of the database, information provided on the mobile application will be kept up to date with a high degree of accuracy. The establishment of an integrated database on branch information will also help the financial sector with a more effective management and operation of their branch offices, ATMs, etc. The authorities expect to see an increase in accessibility to financial services and much improvements in consumer convenience. The FSC and the Bank of Korea will continue to work with the financial sector in helping to strengthen financial inclusion. * Please refer to the attached PDF for details.
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Nov 29, 2021

FSC to Promote Tech Financing to Support Promising and Innovative SMEs

The FSC announced the tech financing performance of banks for the first half of 2021 and unveiled a plan for making improvements to the current tech financing system to continue to promote lending to innovative SMEs. Background Banks tech financing for innovative SMEs that have high potential for future growth has expanded significantly since it was first introduced in January 2014. At the end of September 2021, the balance of loans extended to businesses for tech financing stood at KRW310.9 trillion, which showed on average an annual increase of more than KRW40 trillion from 2018.Compared to SMEs in other sectors, tech financing recipients have shown better performance in terms of their expandability and profitability. In this regard, the financial authorities and banks have been regularly monitoring delinquency rates and working to ensure stable management of the soundness of tech financing. In addition, tech financing has led innovative changes in the banking sector by facilitating lending based on intellectual property (IP) and movable assets and making tech-based borrowing more accessible to the relatively young companies. Tech Financing Performance The financial authorities announce semi-annual performance of tech financing in the banking sector. In the first half of 2021, the Industrial Bank of Korea and KEB Hana Bank raked high among the large-sized banks while Kyongnam Bank and Busan Bank showed outstanding records among the smaller-sized banks. Aside from tech credit bureaus (TCBs), banks also have their own tech credit evaluation systems. The banks tech assessment capabilities are evaluated by the authorities every six months. Currently, ten banks have their own tech credit evaluation systems and all ten banks were found to have high assessment capabilities. They have been expanding the application of their own tech credit evaluation systems by making improvements to the necessary infrastructures. As a result, the banks own tech credit evaluation in the f
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Nov 25, 2021

2nd Round of New Deal Fund Sale Plan Announced

The FSC announced the 2nd round of New Deal fund sale plan of KRW80 billion for general investors which will be matched by fiscal investment worth KRW20 billion for creating a master fund in the amount of KRW100 billion. The FSC along with the Korea Development Bank and the Korea Growth Investment Corporation unveiled a plan for creating an additional New Deal fund in September 2021and had since taken steps to select fund management companies. The 2nd round of New Deal funds will be launched for sale on November 29 and will be available for sale for two weeks until December 10 at 16 banks and securities firms including via online channels. An early closure of the sale process may be possible as the 1st round of New Deal funds introduced in March this year were sold out in a single week. The total size of the master fund will amount to KRW100 billion which will be made up of KRW80 billion investment from the private sector and retail investors and KRW20 billion from fiscal investment.In December, the fund will invest in seven feeder funds managed by six fund management companies, which will then begin to make investments in the designated digital and green New Deal sectors. The 2nd round of New Deal funds will be invested in both listed and soon-to-be-listed companies for a period of two years from the time of their creation. Profits made from the investment will be shared with the retail investors who made investments in the fund. The authorities and the fund management companies will regularly provide updates on the investment status and fund management strategies to the public. * Please refer to the attached PDF for details.
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Nov 24, 2021

FSC Revokes Business License of Optimus Asset Management

The FSC decided to issue a revocation of business license on Optimus Asset Management along with other penalty measures imposed on its employees at the 21st regular meeting held on November 24. Pursuant to the Financial Investment Services and Capital Markets Act, the FSC decided to revoke Optimus Asset Managements business license (effective immediately) for numerous counts of violations and inappropriate fund management activities linked to the large-scale redemption freeze causing massive investor damages in 2020. The FSC also decided to impose a fine of KRW114.4 million on Optimus Asset Management and order removal of key board members. The FSC also ordered a transfer of 43 funds in total that are currently managed by Optimus Asset Management to a new fund management companyRecovery Asset Managementthat has been set up by collective efforts of fund sellers. The FSC has designated the Korea Deposit Insurance Corporation to oversee Optimus Asset Managements liquidation process. The authorities will closely monitor the liquidation process and work on effective supervision to ensure that the transferred funds are properly managed by the newly appointed fund management company according to relevant laws. * Please refer to the attached PDF for details.
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Nov 23, 2021

KoFIU Holds International Conference Commemorating 20th Anniversary

The Korea Financial Intelligence Unit (KoFIU) hosted an international conference commemorating the 20th anniversary of its establishment on November 23.The conference was held to promote discussion on virtual asset and other important issues related to the anti-money laundering (AML) regime and foster strong international cooperation in this area. KoFIU Commissioner Kim Jeong-kag delivered a keynote address highlighting the importance of digital transformation and the critical role of the AML/CFT regime for building trust in the financial system. More specifically, Commissioner Kim discussed the need to make use of suptech in the AML/CFT regime and said that the emergence of new technologies and digital financial services makes it necessary for international organizations, regulatory authorities and financial institutions to work for closer cooperation and mutual understanding. On the recently revised Financial Action Task Force (FATF) recommendations on virtual assets and VASPs, Commissioner Kim said that the KoFIU will continue to work on regulatory improvements to ensure that the so-called travel rule for virtual assets and VASPs in Korea reflects global standards set forth by the FATF. The conference consisted of two sessions(a) virtual assets and the AML duties of virtual asset service providers and (b) digital transformation of the AML/CFT regime. Each session featured expert presentations followed by a panel discussion. Some of the notable participants to the venue included FATF president Marcus Pleyer and Thailands Anti-Money Laundering Office chief Piyapun Pingmuang. Officials from foreign FIUs also participated in the conference virtually. * Please refer to the attached PDF for details.
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Nov 22, 2021

FSC Announces Competitive Auction Result of KDIC's Stakes in Woori Financial Group

The FSC announced the result of the competitive auction of 9.3 percent of shares in Woori Financial Group held by the Korea Deposit Insurance Corporation on November 22. The Public Fund Oversight Committee has selected five winning bidders with bidding prices from all bidders exceeding KRW13,000 per share which is higher than the share price (KRW10,800) at the time the auction plan was unveiled on September 9. The five successful bidders are Eugene Private Equity (4%), KTB Asset Management (2.3%), Align Partners Consortium (1%), Dunamu (1%) and Woori Financial Groups employee stock ownership association (1%) with Eugene Private Equity earning the right to appoint an outside board member. With successful result of the auction, the KDIC will no longer be the largest shareholder of WFG and the governments goal of privatization of WFG has been accomplished in this round of auction some 23 years after the injection of public funds for bailout in 1998. The KDICs right to appoint a non-standing board member will expire when the current incumbents term ends in March 2022. The successful bidding result from this round will help recover KRW897.7 billion in public funds injected as bailout, with about KRW12.3 trillion out of the total KRW12.8 trillionor some 96.6 percentbeing recovered. A hundred percent recovery will be made possible if the KDICs holding of the remaining 5.8 percent stakes in WFG are sold at or above KRW10,193. It is expected that the KDIC will complete the share transfer process by December 9. The Public Fund Oversight Committee will work to promptly complete the sale of KDICs remaining shares in WFG at an appropriate time in the future. * Please refer to the attached PDF for details.
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Nov 22, 2021

Joint Debt Adjustment Program to Help Young Adults Struggling with Multiple Debts

The FSC and the Ministry of Education signed an agreement with the Korea Student Aid Foundation (KOSAF) and the Credit Counseling and Recovery Service (CCRS) on November 22 to set up a joint debt adjustment program and help relieve debt burdens of young adults who are struggling with multiple debts. The agreement introduces a joint debt adjustment program which will help young adults struggling with multiple debts (including student loans) by allowing debt cancellation of up to 30 percent off the principal and installment payment of maximum 20 years. As a part of the agreement, the KOSAF newly joined the CCRSs pact for credit recovery support to make student loans eligible for debt adjustment program managed by the CCRS. Thus, the joint debt adjustment program provided by the CCRS will handle both student loans and other types of loans of vulnerable young debtors. From 2022, the authorities expect that some 20,000 young adults who are struggling to pay off student loans will benefit from this program every year.The joint debt adjustment program will provide meaningful assistance to young adults facing the burden of multiple debts. * Please refer to the attached PDF for details.
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